Earlier this year, The American Institute of CPAs (AICPA) made a big announcement. In 2017, the CPA exam is expected to face a major overhaul – one that reflects the ever-evolving responsibilities of a newly licensed CPA.

“We know that the knowledge and the skills tested by the CPA Exam are the foundation of protecting the public,” said Arleen Thomas, AICPA’s Senior Vice President of Management Accounting and Global Markets, when presenting the proposed changes. “So every five to seven years, you pause and go out among the community to see the shifts in the profession and the world that might change what new members of the profession should know and what skills they should have – and thus what they should be tested on.”

While technical skills are certainly important to a newly licensed CPA’s success, they are no longer enough to protect the public interest – especially in a business landscape that can be unpredictable at times. As a result, the demand for accountants with a specific set of soft skills, or intangible attributes and personality traits that don’t necessarily come across on a resume, is at an all-time high. “The majority of our clients are looking for CPAs who have the ability to think and act strategically,” says Samantha Parris, a Senior Managing Director within The Execu|Search Group’s Accounting/Finance division, who is a CPA herself. “The new CPA exam is designed to specifically assess skills such as critical thinking and problem solving, research skills, and communication skills.”

Ultimately, the AICPA’s goal is to ensure all CPAs demonstrate the following:

• Have the knowledge and skills necessary to perform more advanced tasks
• The ability to contribute to complex accounting projects early in their careers
• Possess higher order cognitive skills and professional skepticism

According to the Journal of Accountancy, the update would keep the existing four exam sections, but change how content is assessed. “The proposal calls for less emphasis on ‘application’ and ‘remember and understand’ skills. Questions assessing higher-level analysis skills would be added, and the AUD section also would assess skills of the highest level, evaluation. New blueprints for each section of the exam would illustrate the content, tasks, and related skills that would be tested, assisting exam takers and educators in their preparation. Overall, the exam would have fewer multiple-choice questions and more task-based simulations. Total testing time would increase from 14 to 16 hours, with one hour each added to the BEC and REG sections.”